85-7-2101. Tax or assessment to pay bonds and interest.
85-7-2101. Tax or assessment to pay bonds and interest. (1) All bonds and the interest thereon issued under this chapter and all payments due or to become due to the United States under any contract between the district and the United States for which the bonds of the district have not been deposited with the United States as provided in 85-7-1906 must be paid by revenue derived from a special tax or assessment levied upon all the lands included in the district, or upon all lands in a subdistrict of the district if the bonds are issued by the district on behalf of the subdistrict, except upon those lands that have been included in the district or subdistrict on account of the exchange or substitution of water under the provisions of 85-7-1912. All lands in the district, or in a subdistrict if the bonds are issued on behalf of the subdistrict, at the time the bonds are issued and all lands subsequently included which are chargeable under the provisions of this chapter remain liable to be taxed and assessed for the payment of the bonds and interest and all payments due or to become due to the United States under any contract between the district and the United States for which bonds of the district have not been deposited with the United States as provided in 85-7-1906.
(2) The board of commissioners of the district, in the order or resolution authorizing and directing the issuance of bonds of the district mentioned in 85-7-2014, shall provide for the annual levy and collection of a special tax or assessment upon all the lands included in the district, or in a subdistrict if the bonds are to be issued on behalf of the subdistrict, and subject to taxation and assessment, sufficient in amount to meet the interest on the bonds promptly when and as the interest accrues and to discharge the principal of the bonds at their maturity or respective maturities and to meet all payments due or to become due to the United States under any contract between the district and the United States for which bonds of the district have not been deposited with the United States as provided in 85-7-1906, at the times the payments by the contract become due and payable.
History: En. Sec. 46, Ch. 146, L. 1909; amd. Sec. 14, Ch. 145, L. 1915; re-en. Sec. 7232, R.C.M. 1921; re-en. Sec. 7232, R.C.M. 1935; amd. Sec. 34, Ch. 234, L. 1971; amd. Sec. 30, Ch. 460, L. 1977; R.C.M. 1947, 89-1801(part); amd. Sec. 21, Ch. 439, L. 1989.